Boston, MA 02/28/2014 (wallstreetpr) – Bank of America Corp (NYSE:BAC) week hit another record low after Ambac Financial Group, Inc. (OTCMKTS:ABKFQ) claimed it was seeking damages worth $2.5 billion in a court filling against the bank. Ambac after emerging from bankruptcy is seeking to recover losses it claims to have incurred unfairly with its bonds insurance during the epitome of the financial crisis.
Ambac claims against BAC
Ambac Financial Group, Inc. (OTCMKTS:ABKFQ) plans to recover over $2.5 billion from Bank of America while also pursuing another $941 million against JPMorgan Chase &Co (NYSE:JPM). The financial group has also announced it is pursuing hundreds of millions of dollars against First Franklin which is a Subsidiary of Bank of America. Ambac is buoyed by the recent noting by Bank of America in its 10-k filling, which is a positive development as the insurer’s most recent amended complaint against BAC that was filed on May 28.
First Kansas to acquire Bank of America branches
JPMorgan Chase &Co (NYSE:JPM) has come to a consensual agreement for the sale of its branches in Great Bend and Hays to first Kansas bank of great Bend. The terms of the deal involves taking over deposits and not loans, awaiting approval from bank regulators and any other closing conditions, as a result of the take there will be no job losses incurred. Bank of America currently operates at 2006 Broadway drive up facility as well as, an automated teller machine.
This is not the first sale by bank of America according to its spokesperson Diane Wagner. She claims that with the evolvement of mobile technology into banking, more and more people are shifting into this option of banking prompting banks to change their operation tactics.
JPMorgan Chase &Co (NYSE:JPM) was not a buzz of activity on Thursday trading session remaining slightly unchanged. The bank’s shares moved up by a small 0.98% to close the day at a high of $16.49.
